Which Institution Will Regulate Bitcoin and Ethereum?

Cryptocurrencies As its popularity begins to increase, its place and use in our lives continues to expand.

In this context, some countries crypto- While going the way of banning money, some countries prefer to regulate it.

One of the countries that think that cryptocurrencies should be regulated is undoubtedly the USA.

In the USA, the nature of cryptocurrencies and in this context, which institution should be under the control of it has been a matter of debate for a long time.

Two key US regulators Securities and Exchange Commission (SEC) with Commodity Futures Trading Commission (CFTC) There is almost a race between them in this regard.

In the race to regulate and oversee cryptocurrencies, the CFTC has the upper hand, Forbes reports.

Because in July, the Agriculture Committee of the U.S. Senate Bitcoin (BTC) and introduced a bill that the CFTC should regulate cryptocurrencies.

This bill is designed for the two largest cryptocurrencies. Bitcoin and Ethereum (ETH) qualifying them as digital commodities, giving the CFTC the authority to provide direct oversight of these assets.

When viewed by the SEC SECmost of cryptocurrency argues that they are securities rather than commodities, and as a result they must register with the SEC.

However, when we look at the general approach of the crypto industry, it is seen that the CFTC is preferred instead of the SEC in the control of cryptocurrencies.

Because the leading cryptocurrency exchange in the USA coinbaseIn a letter to the SEC in July, he stated that the SEC’s current tough and stringent registration rules will be onerous for digital assets.
Coinbase wrote in the letter:

“For digital assets viewed as securities, registration under the current rules of the SEC is either not feasible or economically viable given the unnecessary compliance burdens for many market participants.”

Finally CFTC’Rostin Behnman, president of cryptocurrencyHe argues that control over them should be given to them.